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collegio dei patafisici
Cina e petrolio...
UPDATE 2-China May crude imports leap as demand seen firm
By Emma Graham-Harrison
BEIJING, June 12 (Reuters) - China's imports of crude oil leapt 19 percent in May from a year earlier, customs data showed on Monday, returning to buoyant growth rates seen in the first quarter and adding to signs of strengthening demand.
Shipments for the first five months, weighed down by a slight fall in April, were up 18.0 percent from the same period last year at 61.55 million tonnes, or 2.98 million barrels per day (bpd), the General Administration of Customs said in a statement on its Web site (www.customs.gov.cn).
In May alone, the world's second-largest oil consumer received 12.39 million tonnes of oil (2.92 million bpd), far higher than a year earlier, although one of the lowest daily rates in 2006.
"April was an anomaly because the base was so strong in 2005. The trend over the year so far has shown that Chinese demand has recovered versus last year, and growth has been at a healthy level," said Victor Shum, analyst at Purvin & Gertz in Singapore.
"I think the crude imports are driven by demand growth, and building up commercial stocks," he added.
Some of the extra demand was probably also created by a rise in state-set retail gasoline and diesel prices in May, the second in three months and at 500 yuan ($62.37) per tonne, one of the largest in recent years.
Although the price rise was only announced towards the end of the month, it was approved by the country's energy policy maker, the National Development and Reform Commission (NDRC), near the start of May, industry sources told Reuters then.
While the measure was awaiting cabinet approval, refiners whose negative margins had already been bolstered by a smaller March increase may have started to stock up their inventories.
China's apparent demand for oil grew move than 10 percent in April, the fastest rate since 2004, boosting prices in already-tense global markets. Analysts expect growth of around 6 percent this year.
But a top planning official said last week that despite forecasts for a hot July and August, China would not face a repeat of the summer power shortages that in recent years pushed up demand for diesel and fuel oil to provide extra electricity.
Crude oil exports were just 120,000 tonnes in May (28,000 bpd), down nearly 50 percent from a year earlier, while they eased 6.6 percent to 2.52 million tonnes for the year to date.
WHERE IS IT GOING?
The growth in crude imports this year is far outpacing the rise in refinery throughput, which expanded just 4.5 percent in the first four months of the year.
Part of the difference is due to a tapering growth in domestic production, with major east coast fields already at or near peak output and unable to keep pace with demand.
Domestic output, which still meets more than half China's needs, rose only 1.9 percent in the January-April period.
The remainder of the difference could be due to factors ranging from stockpiling and pipeline fill to unreported runs at smaller private refineries.
China does not publish commercial inventory levels, and although it recently finished a first set of strategic storage tanks, offers little detail on when or how they will be filled.
A hint that company stores might be filling up came in late April when Unipec, the trading arm of Sinopec Corp. (0386.HK: Quote, Profile, Research) (SNP.N: Quote, Profile, Research), offered to resell at least 7 million barrels of crude.
Ma Kai, head of the NDRC, said in March that China would start filling its strategic reserve tanks, which have already stood empty for some nine months, by the end of the year.
However, officials may consider filling the strategic reserve tanks without announcing it, as China is cautious about worrying oil traders it believes already place too much emphasis on the country's demand growth.
Filling a new 10 million tonne-per-year pipeline from Kazakhstan, which delivered its first crude around the start of May, may have contributed to the growth as well. (US$ = 8.015)
UPDATE 2-China May crude imports leap as demand seen firm
By Emma Graham-Harrison
BEIJING, June 12 (Reuters) - China's imports of crude oil leapt 19 percent in May from a year earlier, customs data showed on Monday, returning to buoyant growth rates seen in the first quarter and adding to signs of strengthening demand.
Shipments for the first five months, weighed down by a slight fall in April, were up 18.0 percent from the same period last year at 61.55 million tonnes, or 2.98 million barrels per day (bpd), the General Administration of Customs said in a statement on its Web site (www.customs.gov.cn).
In May alone, the world's second-largest oil consumer received 12.39 million tonnes of oil (2.92 million bpd), far higher than a year earlier, although one of the lowest daily rates in 2006.
"April was an anomaly because the base was so strong in 2005. The trend over the year so far has shown that Chinese demand has recovered versus last year, and growth has been at a healthy level," said Victor Shum, analyst at Purvin & Gertz in Singapore.
"I think the crude imports are driven by demand growth, and building up commercial stocks," he added.
Some of the extra demand was probably also created by a rise in state-set retail gasoline and diesel prices in May, the second in three months and at 500 yuan ($62.37) per tonne, one of the largest in recent years.
Although the price rise was only announced towards the end of the month, it was approved by the country's energy policy maker, the National Development and Reform Commission (NDRC), near the start of May, industry sources told Reuters then.
While the measure was awaiting cabinet approval, refiners whose negative margins had already been bolstered by a smaller March increase may have started to stock up their inventories.
China's apparent demand for oil grew move than 10 percent in April, the fastest rate since 2004, boosting prices in already-tense global markets. Analysts expect growth of around 6 percent this year.
But a top planning official said last week that despite forecasts for a hot July and August, China would not face a repeat of the summer power shortages that in recent years pushed up demand for diesel and fuel oil to provide extra electricity.
Crude oil exports were just 120,000 tonnes in May (28,000 bpd), down nearly 50 percent from a year earlier, while they eased 6.6 percent to 2.52 million tonnes for the year to date.
WHERE IS IT GOING?
The growth in crude imports this year is far outpacing the rise in refinery throughput, which expanded just 4.5 percent in the first four months of the year.
Part of the difference is due to a tapering growth in domestic production, with major east coast fields already at or near peak output and unable to keep pace with demand.
Domestic output, which still meets more than half China's needs, rose only 1.9 percent in the January-April period.
The remainder of the difference could be due to factors ranging from stockpiling and pipeline fill to unreported runs at smaller private refineries.
China does not publish commercial inventory levels, and although it recently finished a first set of strategic storage tanks, offers little detail on when or how they will be filled.
A hint that company stores might be filling up came in late April when Unipec, the trading arm of Sinopec Corp. (0386.HK: Quote, Profile, Research) (SNP.N: Quote, Profile, Research), offered to resell at least 7 million barrels of crude.
Ma Kai, head of the NDRC, said in March that China would start filling its strategic reserve tanks, which have already stood empty for some nine months, by the end of the year.
However, officials may consider filling the strategic reserve tanks without announcing it, as China is cautious about worrying oil traders it believes already place too much emphasis on the country's demand growth.
Filling a new 10 million tonne-per-year pipeline from Kazakhstan, which delivered its first crude around the start of May, may have contributed to the growth as well. (US$ = 8.015)
dopo un duro weekend di c@zzeggio riaffacciarsi sul thread e doversi sorbire gipa in dose massicce senza neanche lo straccio di una gnokka ignuda 
grassie nè
